FSA Contribution and Other Benefits Limits Rise for 2020 The IRS announced an increase to flexible spending account (FSA) contribution limits for the 2020 plan year. Individuals can contribute $2,750 in 2020, up $50 from the previous year. Since this announcement came so late in the year, some employers may not use the updated figures in their...
Read MoreDOL Issues New Salary Limits for Overtime Exemptions On Sept. 24, 2019, the U.S. Department of Labor (DOL) announced a new final rule that updates the salary thresholds that some individuals must meet in order to qualify for a minimum wage and overtime exemption under the federal Fair Labor Standards Act (FLSA). The final rule becomes effective on Jan....
Read MoreImportant links: Medical and Dental Expenses: https://www.irs.gov/publications/p502 Health Savings Accounts: https://www.irs.gov/publications/p969 Eligible Expenses: Abortion Acupuncture Alcoholism Ambulance Annual Physical Examination Artificial Limb Artificial Teeth Bandages Birth Control Pills Body Scan Braille Books and...
Read MoreDeadline Approaching: Medicare Part D Notices Are Due Before Oct. 15 Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the...
Read MoreParrott team member, Teresa Penninger, has been recognized for her hard work and expertise in helping consumers enroll in and manage qualified health coverage through the Health Insurance Marketplace. This nationwide recognition from the Centers for Medicare & Medicaid Services (CMS) as a member of the 2019 Marketplace Circle of Champions highlights...
Read More2020 Open Enrollment is Almost Here To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after Jan. 1, 2020. Employers should review their plan documents to confirm that they include these required changes. In addition, any changes to a...
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